Quantumscape Corp (QS) 2025 Q1 法說會逐字稿

Good day and welcome to QuantumScape first quarter 2025 earnings conference call. John Seger, QuantumScape's Vice President of Capital Markets. You may begin your conference.

大家好，歡迎參加 QuantumScape 2025 年第一季財報電話會議。QuantumScape 資本市場副總裁 John Seger。您可以開始您的會議了。

Thank you, operator. Good afternoon and thank you to everyone for joining Quantumscape's first quarter 2025 earnings call. To supplement today's discussion, please go to our IR website at ir.quantumscape.com to view our shareholder letter.

謝謝您，接線生。下午好，謝謝大家參加 Quantumscape 2025 年第一季財報電話會議。為了補充今天的討論，請訪問我們的 IR 網站 ir.quantumscape.com 查看我們的股東信。

Before we begin, I want to call your attention to the safe harbor provision for forward-looking statements that is posted on our website as part of our quarterly update. Forward-looking statements generally relate to future events, future technology progress, or future financial or operating performance. Our expectations and beliefs regarding these matters may not materialize.

在我們開始之前，我想提請您注意我們網站上作為季度更新的一部分發布的前瞻性陳述的安全港條款。前瞻性陳述通常涉及未來事件、未來技術進步或未來財務或營運績效。我們對這些問題的期望和信念可能不會實現。

Actual results and financial periods are subject to bits and uncertainties that could cause actual results to differ materially from those projected. There are risk factors that may cause actual results to differ materially from the content of our forward-looking statement for reasons that we cite in our shareholder letter, Form 10K and other SEC filings, including uncertainties posed by the difficulty in predicting future outcomes.

實際結果和財務期間受到一些不確定因素的影響，這些因素可能導致實際結果與預測結果有重大差異。由於我們在致股東信、10K 表格和其他美國證券交易委員會文件中所述的原因，存在可能導致實際結果與我們的前瞻性聲明內容存在重大差異的風險因素，包括難以預測未來結果所帶來的不確定性。

Joining us today will be Quantumscape's CEO Dr. Siva Sivaam and our CFO, Kevin Hetrick. With that, I'd like to turn the call over to Siva.

今天與我們一起參加的還有 Quantumscape 的執行長 Siva Sivaam 博士和我們的財務長 Kevin Hetrick。說完這些，我想把電話轉給 Siva。

Thank you, John. I would like to begin by discussing our upcoming product launch. We continue to work closely with our prospective launch customer. As a reminder, this launch program is designed to be a low volume but high visibility project. It is intended to serve as a real-world vehicle demonstration, highlighting the exceptional performance characteristics of our technology platform as a step towards large scale commercialization.

謝謝你，約翰。首先我想討論一下我們即將推出的產品。我們將繼續與我們的潛在啟動客戶密切合作。提醒一下，這個啟動計畫被設計成一個低容量但高知名度的計畫。它旨在作為真實世界的車輛演示，突出我們技術平台的卓越性能特點，邁向大規模商業化。

The program is planned to unfold over multiple phases with field testing slated to begin in 2026. This quarter, we commenced shipping QSE-5 samples for module and systems level integration and testing, including design validation and calibration of the battery management system. This is consistent with our development approach.

該計劃計劃分多個階段展開，現場測試預計將於 2026 年開始。本季度，我們開始運送 QSE-5 樣品，用於模組和系統級整合和測試，包括電池管理系統的設計驗證和校準。這與我們的發展思路是一致的。

We focus on getting rapid customer feedback while making systematic and methodical improvements. We are tracking to the shipment targets we have established with our large customers. These shipments are powered by a raptor separator process, which is exceeding our key benchmarks for yield and quality.

我們注重快速獲得客戶回饋，同時進行系統化、有條理的改進。我們正在追蹤與大客戶設定的出貨目標。這些貨物由猛禽分離器製程提供動力，其產量和品質超過了我們的關鍵基準。

Raptor is our workhorse for both customer shipments and development activities on our technology platform as we progress towards baselining our Cobra process. Cobra is a step change innovation in ceramics processing, which can enable an order of magnitude improvement in separated productivity relative to raptor.

在我們逐步改善 Cobra 流程的過程中，Raptor 是我們技術平台上客戶出貨和開發活動的主力。Cobra 是陶瓷加工領域的重大創新，與 Raptor 相比，它可以將分離生產率提高一個數量級。

Next, a word on our progress towards our annual goals. Our first key goal for the year is to bring the cobra separator process into baseline production. This project is ahead of schedule. All the required se processing equipment has already been installed, and qualification is progressing well. We expect to bring cobra into the baseline in Q2.

接下來，介紹一下我們實現年度目標的進展。我們今年的首要目標是將眼鏡蛇分離器製程投入基準生產。該項目提前完成。所有所需的se處理設備均已安裝完畢，且資格審查工作進展順利。我們預計在第二季將眼鏡蛇納入基線。

Our second goal is to install higher volume cell assembly equipment to match the higher throughput of Cobra. Working as a joint team with on-site Powerco engineers, we're enhancing the level of equipment automation, allowing us to increase the output and quality of QSE-5 samples. These equipment designs also represent an important piece of the technology platform that Powerco will use in their large scale production.

我們的第二個目標是安裝更大容量的電池組裝設備，以匹配 Cobra 的更高吞吐量。我們與現場 Powerco 工程師組成聯合團隊，提高設備自動化水平，從而提高 QSE-5 樣品的產量和品質。這些設備設計也代表了 Powerco 將在其大規模生產中使用的技術平台的重要組成部分。

We have placed purchase orders for key pieces of the equipment, and we'll upgrade the baseline continuously as they arrive. Our third goal for 2025 is to begin shipping QSE-5B1 samples. And this goal remains on track. These cobra-based samples will go into the launch program, which is intended to demonstrate the exceptional performance capabilities of the QSE-5 platform in a real-world application. B1 cells are the version that will supply the field-testing phase of the launch program in 2026.

我們已經訂購了關鍵的設備，設備到達後我們會不斷升級基線。我們 2025 年的第三個目標是開始運送 QSE-5B1 樣品。而這一目標仍在穩步推進。這些基於眼鏡蛇的樣品將進入發射計劃，旨在展示 QSE-5 平台在實際應用中的卓越性能。B1 電池是將為 2026 年發射計畫的現場測試階段提供的版本。

Our fourth annual goal is to expand our commercial engagements. On this front, we continue to intensify development activities with Powerco, the battery manufacturing company of the Volkswagen Group, as we work towards industrializing our technology for gigawatt-hour scale production.

我們的第四個年度目標是擴大我們的商業合作。在這方面，我們持續加強與大眾集團電池製造公司 Powerco 的開發活動，致力於將我們的技術工業化，實現千兆瓦時規模的生產。

In Q1, we welcomed top leadership from the Volkswagen Group and PowerCo to personally review the progress made by the joint team. Powerco is the anchor customer in our growing technology ecosystem. To further expand this ecosystem, we are working with additional automotive OEM customers, as mentioned in our last earnings call.

第一季度，我們迎來了大眾集團和PowerCo的高階領導，親自檢視聯合團隊的進展。Powerco 是我們不斷發展的技術生態系統中的主要客戶。為了進一步擴大這個生態系統，我們正在與其他汽車 OEM 客戶合作，正如我們在上次財報電話會議上所提到的。

We're also building a global network of equipment vendors, material suppliers, contract manufacturers, and technology partners. Leveraging the expertise of industry leaders across the value chain. To that end, We have announced the first phase of an agreement to explore a collaboration with Murata Manufacturing for ceramics production.

我們也正在建立一個由設備供應商、材料供應商、合約製造商和技術合作夥伴組成的全球網路。利用整個價值鏈中產業領導者的專業知識。為此，我們宣布了與村田製作所探討合作生產陶瓷的協議第一階段。

Murata has a deep expertise in high precision ceramics which makes them an exceptional partner as we look to scale production of a proprietary ceramic separator. By combining our groundbreaking Cobra process with Murata's proven capabilities and global manufacturing strength, we can accelerate the industrialization of our solid-state battery technology while maintaining our strong focus on innovation and technological advancement.

村田製作所 (Murata) 在高精度陶瓷方面擁有深厚的專業知識，這使得他們成為我們尋求規模化生產專有陶瓷分離器的卓越合作夥伴。透過將我們突破性的眼鏡蛇工藝與村田成熟的能力和全球製造實力相結合，我們可以加速固態電池技術的工業化，同時保持對創新和技術進步的高度關注。

Last, I want to pull back and look at the big picture. This quarter we released our strategic blueprint. This is our playbook for commercializing our next generation battery technology at a global scale, and we encourage all shareholders to view it.

最後，我想回顧一下全局。本季我們發布了策略藍圖。這是我們在全球範圍內商業化下一代電池技術的劇本，我們鼓勵所有股東查看它。

Here, we'd like to highlight a few important aspects of this blueprint. First, as a technology company, we believe our business model is resilient to changes in global trade regimes. By partnering with customers around the world and licensing our technology for their own production, we can achieve a global impact while limiting our exposure to the risks presented by policy changes.

在這裡，我們想強調這個藍圖的幾個重要面向。首先，作為一家科技公司，我們相信我們的商業模式能夠抵禦全球貿易體系的變化。透過與世界各地的客戶合作並授權我們的技術用於自己的生產，我們可以實現全球影響，同時限制我們所面臨的政策變化所帶來的風險。

Second, we will continue to create value by pushing the technology frontier. We have a development roadmap of future innovation in battery technology that builds on our solid-state lithium metal platform, and these innovations are designed to unlock higher performance, drive wider adoption, and increase our value as a company.

第二，我們將持續推動技術前沿創造價值。我們擁有基於固態鋰金屬平台的電池技術未來創新發展路線圖，這些創新旨在釋放更高的性能、推動更廣泛的應用並提升我們作為一家公司的價值。

Finally, we are building an ecosystem of partners to help rapidly bring our technology to the world. Technological revolutions can only happen when companies around the world see the opportunity and work together to make it a reality. Our framework agreement with Murata Manufacturing represents another important step in this direction.

最後，我們正在建立一個合作夥伴生態系統，以幫助快速將我們的技術推向世界。只有當世界各地的公司看到機會並共同努力使其成為現實時，技術革命才會發生。我們與村田製作所達成的框架協議代表我們朝著這個方向又邁出了重要一步。

When looking at the global perspective, it is clear that the electric power train is set to dominate the automotive industry, and automakers are looking to solid state battery technology to remain competitive. We believe our technology age, when combined with our strong balance sheet and consistent record of execution, sets us apart as a clear leader in solid state batteries. And we are well positioned to expand our advantage and generate exceptional shareholder value over the long term.

從全球角度來看，電動動力傳動系統顯然將主導汽車產業，而汽車製造商正在尋求固態電池技術來保持競爭力。我們相信，我們的科技時代，加上我們強大的資產負債表和一致的執行記錄，將使我們成為固態電池領域的明顯領導者。我們已做好準備，擴大我們的優勢，並在長期內創造卓越的股東價值。

Thank you for your support, and we are excited to report on our continued progress over the coming quarter. With that, let me turn things over to Kevin for a word on our financial outlook.

感謝您的支持，我們很高興地報告我們在接下來的一個季度中繼續取得的進展。說到這裡，讓我把話題轉到凱文身上，請他談談我們的財務前景。

Thank you, Siva. Capital expenditures in the first quarter of 2025 were $5.8 million. Q1 CapEx primarily supported facilities, and equipment purchases as we prepare for higher volume QSE-5B1 sample production using the cobra separator process. We expect CapEx spend to be well above Q125 levels through the remainder of 2025 as we order, install, and qualify higher throughput equipment to support our targeted launch program and engage prospective customers. We reiterate our full year guidance for CapEx to be between $45 million and $75 million.

謝謝你，Siva。2025 年第一季的資本支出為 580 萬美元。問題 1資本支出主要用於支援設施和設備採購，因為我們準備使用眼鏡蛇分離器製程進行更大批量的 QSE-5B1 樣品生產。我們預計，到 2025 年剩餘時間，資本支出將遠高於 Q125 水平，因為我們將訂購、安裝和鑑定更高吞吐量的設備，以支援我們的目標啟動計劃並吸引潛在客戶。我們重申全年資本支出預期在 4,500 萬美元至 7,500 萬美元之間。

GAAP operating expenses and GAAP net loss in Q1 were $123.6 million and $114.4 million respectively. We forecast EPS to remain roughly flat throughout the year as increased spending to support higher output levels and the impact of the current tariff policy, we expect to be broadly offset by improvements in operational efficiency such as the planned transition from our raptor to our cobra separator process and cost saving initiatives.

第一季 GAAP 營運費用和 GAAP 淨虧損分別為 1.236 億美元和 1.144 億美元。我們預測每股收益將全年基本保持平穩，因為增加支出以支持更高的產出水平和當前關稅政策的影響，我們預計這些影響將被運營效率的提高所廣泛抵消，例如計劃從猛禽到眼鏡蛇分離器流程的過渡以及成本節約舉措。

Adjusted EBITDA loss was $64.6 million in Q1, in line with expectations. A table reconciling GAAP net loss and adjusted EBITA is available in our shareholder letter. We reiterate our full year guidance for adjusted EBITA loss to be between $250 million and $280 million. We ended Q1 with $860.3 million in liquidity and maintain our guidance that our cash runway extends into the second half of 2028. Any additional funds from customer inflows or capital markets activity would further extend this cash runway.

第一季調整後 EBITDA 虧損為 6,460 萬美元，符合預期。我們的股東信中提供了 GAAP 淨虧損與調整後 EBITA 的對照表。我們重申全年調整後 EBITA 虧損預期，即在 2.5 億美元至 2.8 億美元之間。我們在第一季結束時擁有 8.603 億美元的流動資金，並維持我們的預期，即我們的現金流將延續到 2028 年下半年。來自客戶流入或資本市場活動的任何額外資金都將進一步延長此現金流。

Thanks, Kevin. We'll begin today's Q&A portion with a few questions we've received from investors or that I believe investors would be interested in.

謝謝，凱文。今天的問答環節我們將從投資者提出的一些問題或我認為投資者會感興趣的一些問題開始。

Siva, first question for you. Can you update our investors on our automotive customer engagements during the quarter and explain how that affects our existing customer?

Siva，第一個問題想問你。您能否向我們的投資者介紹本季我們與汽車客戶的合作情況，並解釋這對我們現有的客戶有何影響？

John, let me start with our existing customer. The product launch that we are planning is going very well. The teams are working hand in glove. And we are shipping the volumes that the customer needs for module and systems level testing.

約翰，讓我先從我們現有的客戶開始。我們計劃的產品發布進展非常順利。各團隊密切合作。我們正在運送客戶需要的模組和系統級測試的數量。

That means our customers will be packing these cells into larger modules, connecting them electrically into the battery management system, the BMS, and calibrate that BMS according to a specific performance profile of our cells and the requirements of the application. Of course, to ship in these volumes, we have to pass the UN 38.3 safety tests. We have now passed these tests, which is another important milestone in our commercialization roadmap. This is a well-planned launch. And we'll have exciting details to share as we progress.

這意味著我們的客戶將把這些電池裝入更大的模組中，將它們電連接到電池管理系統 (BMS)，並根據我們電池的特定性能概況和應用要求校準該 BMS。當然，為了運送這些數量，我們必須通過 UN 38.3 安全測試。我們現在已經通過了這些測試，這是我們商業化路線圖中的另一個重要里程碑。這是一次精心策劃的發射。隨著進展，我們將分享令人興奮的細節。

Now coming to our additional automotive volumes. The response from our customers to the licensing business model has been overwhelmingly positive. We continue to be in active discussions with our prospective customers. We've developed an engagement model with Powercore as the first customer that allows us to collaborate with our customers to design bespoke solutions that fit their road maps.

現在來看看我們的附加汽車捲。我們的客戶對許可業務模式的反應非常正面。我們將繼續與潛在客戶進行積極的討論。我們與 Powercore 建立了合作模式，Powercore 是我們的第一位客戶，該模式使我們能夠與客戶合作，設計出適合其路線圖的客製化解決方案。

Each relationship is unique. And these are long-term engagements. And these customers are in our facilities working with us. In stark contrast to public sentiment, our conversations with our customers have a sense of urgency and enthusiasm. The world needs a better battery, and our customers see the step change improvement of our technology. We can offer a no compromise solution that beats internal combustion engines on pure driver experience.

每種關係都是獨一無二的。這些都是長期合作。這些客戶在我們的工廠裡與我們一起工作。與公眾情緒形成鮮明對比的是，我們與客戶的對話充滿緊迫感與熱情。世界需要更好的電池，我們的客戶看到了我們技術的逐步改進。我們可以提供毫不妥協的解決方案，在純粹的駕駛體驗上勝過內燃機。

Thanks, Siva. Today, QS and Murata Manufacturing announced the framework agreement for ceramics production using our Cobra technology. Could you please elaborate on their role in a licensing model and how this fits into our overall strategic blueprint?

謝謝，Siva。今天，QS 和村田製作所宣布了使用我們的 Cobra 技術生產陶瓷的框架協議。您能否詳細說明他們在授權模式中的作用以及這與我們的整體策略藍圖有何契合？

Absolutely. Our engagement with partners like Murata is fully aligned with our strategy as a technology licensing company. The vision is to develop our proprietary solid state battery technology platform and then partner with world class manufacturers to bring it to scale efficiently. The first major step in that journey was our agreement with Powerco, which is targeting 40 to 80 gigawatt hours of production capacity.

絕對地。我們與村田等合作夥伴的合作完全符合我們作為技術授權公司的策略。我們的願景是開發我們專有的固態電池技術平台，然後與世界一流的製造商合作，有效地擴大其規模。這一歷程中的第一步是我們與 Powerco 達成的協議，目標是實現 40 至 80 千兆瓦時的生產能力。

To give you a sense of scale, even 40 gigawatt hour translates into hundreds of millions of square meters of separator components. Manufacturing at such high volume and with the necessary quality requires collaboration with highly capable partners. That's where Murata comes in. They are a global leader with decades of experience in high precision ceramics, and we are excited about the opportunity to leverage their expertise.

為了讓您有個規模概念，即使 40 千兆瓦時也意味著數億平方公尺的隔膜組件。要實現如此大量、高品質生產，需要與強大的合作夥伴合作。這正是村田的用武之地。他們是全球領導企業，在高精度陶瓷領域擁有數十年的經驗，我們很高興有機會利用他們的專業知識。

By combining our groundbreaking cobra separated production process, with Murata's proven capabilities and global manufacturing strength, we can accelerate the industrialization of our solid state battery technology while maintaining our strong focus on innovation and technological advancement. As we continue to grow, we expect to bring in additional partners across different parts of the supply chain.

透過將我們突破性的眼鏡蛇分離生產流程與村田成熟的能力和全球製造實力相結合，我們可以加速固態電池技術的工業化，同時保持對創新和技術進步的高度關注。隨著我們的不斷發展，我們希望在供應鏈的不同環節中引入更多的合作夥伴。

Our approach is intentional and modular. We are nurturing a broader ecosystem of collaborators who can help us scale while protecting our IP. This model draws from my experience in semiconductors where desegregation of the supply chain enabled innovation. Instead of vertical integration, each player focuses on what they do best. Fabulous design companies innovate, foundries manufacture, and everybody wins by operating at scale.

我們的方法是有目的的和模組化的。我們正在培育一個更廣泛的合作者生態系統，他們可以幫助我們擴大規模，同時保護我們的智慧財產權。該模型借鑒了我在半導體領域的經驗，在該領域，供應鏈的分散促進了創新。每位參與者都專注於自己最擅長的領域，而不是進行垂直整合。優秀的設計公司進行創新，代工廠進行製造，透過規模化運營，每個人都能獲得利益。

This approach doesn't just support IP creation, it also strengthens IP protection by separating know-how across specialized partners with well aligned incentives. We are applying that same logic here.

這種方法不僅支持智慧財產權創造，還透過在具有良好激勵機制的專業合作夥伴之間分配專有技術來加強智慧財產權保護。我們在這裡應用同樣的邏輯。

Thanks again, Siva. Kevin, turning to you now. You've reaffirmed our guidance in the shareholder letter today. I have two questions for you on that front. First, can you discuss the tariff implications on our financial outlook in the near term? And then, can you discuss how our supply chain exposure compares to that of conventional lithium ion.

再次感謝你，Siva。凱文，現在輪到你了。您今天在致股東的信中重申了我們的指導。關於這一點我有兩個問題想問您。首先，您能討論一下關稅對我們近期財務前景的影響嗎？然後，您能否討論一下我們的供應鏈暴露與傳統鋰離子相比如何。

On the topic of tariffs, I have 3 points to make. First, we forecast tariffs in their current form would only have a marginal impact on our cost of materials and equipment. We're actively working to mitigate this by evaluating lower tariff sources and through continuous efforts to reduce costs. We are not changing guidance and we reiterate our adjusted EBITDA laws and CapEx guidance for the year.

關於關稅問題，我想談三點。首先，我們預測目前形式的關稅只會對我們的材料和設備成本產生微不足道的影響。我們正在積極評估較低關稅來源並不斷努力降低成本，以緩解這一問題。我們不會改變指導方針，並重申今年調整後的 EBITDA 法律和資本支出指導方針。

Second, China has restricted export of certain critical materials to the US. We have not been impacted by these restrictions. I would also highlight that our Amphenol design eliminates graphite from the cell, a material dominated by China from a supply chain point of view.

第二，中國限制對美出口部分關鍵材料。我們沒有受到這些限制的影響。我還要強調的是，我們的安費諾設計從電池中消除了石墨，從供應鏈的角度來看，這種材料由中國主導。

Our Amphenol design both removes the cost of the anode as manufactured along with the associated supply chain risk. Third, we are a global technology licensing company. Our success derives from innovation, ecosystem development, and enablement of our licensing partners. We remain focused on meeting the massive worldwide demand for significantly higher performing batteries.

我們的安費諾設計消除了陽極製造的成本以及相關的供應鏈風險。第三，我們是一家全球技術授權公司。我們的成功源自於創新、生態系統發展以及授權合作夥伴的支持。我們始終致力於滿足全球對高性能電池的龐大需求。

Okay, thanks so much. We're now ready to begin the live portion of today's call. Operator, please open up the line for questions.

好的，非常感謝。我們現在準備開始今天電話會議的現場部分。接線員，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Jordan Levy, Truist Securities.

喬丹·利維（Jordan Levy），Truist Securities。

Afternoon all, I appreciate the commentary on the Murata deal here. Maybe just to dive a little bit more in on that, is the thought that they kind of step in after you've worked out some of the commercialization IP and pathway for separator production, or are they going to be kind of an integral part of that kind of trajectory?

大家下午好，我很感謝您對村田交易的評論。也許只是為了更深入地探討這一點，您是否認為他們是在您制定一些商業化 IP 和隔膜生產途徑之後介入，或者他們是否會成為這種軌蹟的一個組成部分？

Jordan. Murata, as is a world leader in precision ceramic production. They already supply a lot into both the electric vehicle and consumer electronics markets. And they have a global presence in high volume ceramic manufacturing, so they are a well-planned partner for us to ramp high volume production.

約旦。村田製作所 (Murata) 是精密陶瓷生產領域的全球領導者。他們已經為電動車和消費性電子產品市場提供了大量產品。他們在大批量陶瓷製造領域擁有全球影響力，因此對於我們提高大批量生產而言，他們是一個精心策劃的合作夥伴。

The excitement that they showed when they came here to look at the Cobra technology was one of those things to behold. I mean, we were working together, and they see the possibilities of high volume thin ceramic production together. So we expect them to be a very integral part of our supply chain as we develop the ecosystem. The QS ecosystem as it grows up, with there, they get part of it.

當他們來到這裡觀看眼鏡蛇技術時所表現出的興奮之情是值得一看的。我的意思是，我們在一起工作，他們共同看到了大量生產薄陶瓷的可能性。因此，我們希望它們在我們開發生態系統的過程中成為我們供應鏈中不可或缺的一部分。隨著 QS 生態系統的不斷發展，他們也獲得了其中的一部分。

The only other thing I could add is that in addition to the speed and the capital efficiency with which we partner with Murata, working with partners as part of the broader QS ecosystem adds value to our core technology platform as more global players invest resources and know-how into our ecosystem, the platform becomes more robust and ultimately more valuable.

我唯一能補充的是，除了我們與村田合作的速度和資本效率之外，作為更廣泛的 QS 生態系統的一部分，與合作夥伴合作為我們的核心技術平台增加了價值，因為越來越多的全球參與者向我們的生態系統投入資源和專業知識，該平台變得更加強大，最終更有價值。

Super helpful, I appreciate that. And then maybe just a quick follow on any incremental IP licensing deals. I recognize there's nothing to announce today. But just to kind of gauge, the conversations you're having, have you seen any, uptick in excitement on your potential customer base or anything with all the geopolitical environment and tariffs show?

非常有幫助，我很感激。然後也許只是快速跟進任何增量 IP 許可交易。我知道今天沒有什麼好宣布的。但是，只是為了衡量一下，您正在進行的對話，您是否看到潛在客戶群的興奮度有所上升，或者所有地緣政治環境和關稅都顯示出了什麼變化？

And Jordan, this is a fairly important issue that we are addressing. In general, ever since we announced that we are a technology licensing company and when we started talking to our customers, there is a real uptick in the urgency with which they want to proceed and the excitement at the technology.

喬丹，這是我們正在解決的一個相當重要的問題。總的來說，自從我們宣布我們是一家技術授權公司並開始與客戶交談以來，他們想要繼續前進的緊迫感和對技術的興奮感確實有所上升。

Overall, there may be choppy waters in the industry, but our interactions are exactly to the contrary. We see them really want to partner with us and develop these long-term relationships where we can develop bespoke solutions for their roadmap needs, and that has, been very encouraging to follow.

整體而言，業界可能存在一些波濤洶湧的情況，但我們的互動恰恰相反。我們看到他們確實希望與我們合作並發展這些長期關係，我們可以為他們的路線圖需求開發客製化解決方案，這是非常令人鼓舞的。

Thanks so much.

非常感謝。

Winnie Dong, Deutsche Bank.

德意志銀行的 Winnie Dong。

Thanks for taking my question. First question is, I was wondering if you can provide an update on the work that you guys are doing with Powerco itself. And last time I believe you mentioned, there's some personnel devoted to the joint expert both on QS and and Powerco.

感謝您回答我的問題。第一個問題是，我想知道您是否可以提供您與 Powerco 合作的最新進展。我相信您上次提到過，QS 和 Powerco 都有一些人員專門負責聯合專家。

So I just wondering if you can provide an update on that. And then my second question is on the initial phase of the agreement with Murata. What is included in the first phase and then for future partnership purposes in subsequent phases, I'm just curious how that partnership will look like. Is it going to be more of a three-way relationship between Murata, you, and, future customers, or are they going to be essentially like a supplier to you guys?

所以我只是想知道您是否可以提供關於此事的最新消息。我的第二個問題是關於與村田製作所達成協議的初始階段。第一階段包含什麼，以及後續階段的未來合作目的，我只是好奇這種合作關係將會是什麼樣子。村田、您和未來客戶之間是否會形成一種三方關係，還是他們本質上就像你們的供應商？

Thank you.

謝謝。

Winnie, on the first question, on the political partnership, if you come by our offices, you'll see a whole bunch of Germans walking around in the labs working closely with us. We are Increasing the automation and efficiency of the line and integrating cobra into it, and that integrated line with cobra is what is going to be used for B1 samples that we'll be shipping later. And they are working with us day in and day out in increasing the capability of this line.

溫妮，關於第一個問題，關於政治夥伴關係，如果你來過我們的辦公室，你會看到一大群德國人在實驗室裡走來走去，與我們密切合作。我們正在提高生產線的自動化程度和效率，並將眼鏡蛇整合到其中，而這條整合了眼鏡蛇的生產線將用於我們稍後發貨的 B1 樣品。他們日復一日地與我們合作，以提高這條生產線的產能。

And that collaboration is going very well. As you saw, we had some of the highest levels of people from Volkswagen and Powerco spend time with us. And they are continuing to express their strong support in the joint work that's going on between the two companies.

且此次合作進展非常順利。如您所見，我們邀請了來自大眾汽車和 Powerco 的一些最高級別的人員來與我們共度時光。他們將繼續對兩家公司正在進行的合作表示大力支持。

Coming to your question on how partnerships such as Murata are going to evolve over time, each of this is going to be unique.

至於您關於與村田製作所等公司的合作關係將如何隨著時間的推移而發展的問題，我認為每種合作關係都是獨一無二的。

There's not going to be a one size fits all relationship as we look at ceramic manufacturers, equipment manufacturers, materials manufacturers, and cell manufacturers with our OEM partners. Each of them is going to have a relatively specific, agreement that we'll be developing to strengthen the entire supply chain so that you can take this truly differentiated battery platform and deliver it to the end customers. And we want to get there as fast as possible in the most efficient way possible. That's why we are developing this QS ecosystem, in a broad-based fashion and looking at partners wherever they are, to come and work with us.

當我們將陶瓷製造商、設備製造商、材料製造商和電池製造商與我們的 OEM 合作夥伴聯繫起來時，不會存在「一刀切」的關係。他們每個人都會有一個相對具體的協議，我們將製定該協議來加強整個供應鏈，以便您可以採用這個真正差異化的電池平台並將其交付給最終客戶。我們希望以最有效的方式盡快實現這一目標。這就是為什麼我們要以廣泛的方式開發這個 QS 生態系統，並尋找世界各地的合作夥伴來與我們合作。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Yes, good afternoon. Thanks for taking my questions. First one's on the competitive landscape and hoping to get your latest thoughts on where that stands. And given some of the technology progress announced in recent months from some of the LFP companies like BID and CATL around progress they're making with very fast charging capabilities, so-called 5 minute batteries, has that affected your views of the competitive landscape and what you're seeing from, additional perspective automotive customers?

是的，下午好。感謝您回答我的問題。首先是關於競爭格局，希望能了解您對現狀的最新看法。鑑於 BID 和 CATL 等 LFP 公司近幾個月宣佈在快速充電功能（即所謂的 5 分鐘電池）方面取得的一些技術進展，這是否影響了您對競爭格局的看法以及您從其他汽車客戶的角度所看到的情況？

Hey Mark, yes, we've been very closely following along with this series of announcements from BYD and cattle on these LFP batteries from China. Now first and foremost, these are giants of companies that have really worked hard to push the envelope on lithium-ion, conventional lithium ion batteries capabilities. They have pushed it farther and farther. However, on these specific announcements, there's a lot of data that is still lacking, so we don't get full information on it.

嘿，馬克，是的，我們一直在密切關注比亞迪和中國 LFP 電池的一系列公告。現在，首先，這些都是巨頭公司，它們確實努力突破鋰離子、傳統鋰離子電池的性能極限。他們把它推得越來越遠。然而，關於這些具體的公告，還有很多數據缺乏，所以我們無法獲得完整的資訊。

What we do see, however, is we have a no compromise solution in the QS platform. The QSC-5 with respect to safety, cycle life, energy density, power, cost, fast charge, range, put them all together. This is the only no compromise solution out there. And you can see that by the excitement from the large OEM customers who are coming into our shop and working with us. So we are following these developments from China carefully.

然而，我們確實看到，我們在 QS 平台上有一個不妥協的解決方案。QSC-5 在安全性、循環壽命、能量密度、功率、成本、快速充電、續航里程等方面都進行了綜合考慮。這是唯一不妥協的解決方案。您可以從來到我們商店並與我們合作的大型 OEM 客戶的興奮之情中看到這一點。因此，我們正在密切關注中國的事態發展。

We are taking them very seriously, but we are still very confident on our lithium metal anode free. As you can see, there, there's no anode. We don't have to think about having to find graphite or or anything else to put on that side. The best is to not to have an anode and we have that as a solution. So we feel confident even in light of all these competitive announcements on the strength of our offering.

我們非常重視它們，但我們仍然對我們的無鋰金屬陽極非常有信心。正如你所見，那裡沒有陽極。我們不必考慮尋找石墨或其他任何東西放在那邊。最好的方法是不要陽極，我們有一個解決方案。因此，即使面對所有這些競爭性公告，我們仍然對我們的產品實力充滿信心。

I appreciate all the thoughts on that. My other question was on the potential collaboration with Murata. And do you think customers that are licensing your technology can cost effectively scale the higher volume production of the separator for series production vehicles if you don't come to an agreement with Murata, or is this just about making it faster and more efficient than you'd previously been planning? Thanks.

我感謝大家對此的想法。我的另一個問題是關於與村田製作所的潛在合作。如果您未與村田達成協議，您是否認為獲得您技術許可的客戶可以經濟有效地擴大用於量產車輛的分離器的產量，還是只是為了使其比您之前計劃的更快、更有效率？謝謝。

Precisely the latter. So you can see that we are a technology company first and foremost, we produce a lot of intellectual property. So our first job is to make sure that intellectual property is well protected and we're able to scale that into a product very quickly. We continue to develop the core technology. We developed the cobra process. We developed this highly scalable process.

正是後者。所以你可以看到，我們首先是一家科技公司，我們創造了大量的智慧財產權。因此，我們的首要任務是確保智慧財產權得到良好的保護，並且我們能夠迅速將其擴展到產品中。我們持續開發核心技術。我們開發了眼鏡蛇工藝。我們開發了這個高度可擴展的流程。

That makes us even more incentive to go find partners who are very good high-volume manufacturers in that specific area that allows us both to combine our skills and get it to market fast. This is the, as you would see that the network effect of us having multiple similarly minded, similarly motivated, well aligned partners trying to take this core intellectual property and get into high volume. That is the.

這使我們更有動力去尋找該特定領域的優秀大批量製造商合作夥伴，讓我們能夠結合雙方的技能，快速將產品推向市場。如您所見，這就是我們擁有多個志同道合、動機相似、步調一致的合作夥伴試圖獲取這一核心知識產權並實現大規模生產的網路效應。就是那個。

Understood. And I guess just one last one, before I turn it over, as you're exploring this potential collaboration with Murata. Is that something you expect Power Code to be involved with as well, or is this just between you and Murata and, anything with Power Code would be separate from that. Thanks.

明白了。在我翻頁之前，我只想問最後一個問題，因為您正在探索與村田製作所的潛在合作。您是否希望 Power Code 也參與其中，或者這只是您和 Murata 之間的事，而 Power Code 的任何事情都與之無關。謝謝。

So -- this contract, this doesn't mean development arrangement is between Quantumscape and Vrata manufacturing. That does not mean we don't keep our OEM partners fully informed of what we are doing, and is fully supportive of what we are trying to achieve over here.

所以——這份合約並不意味著開發安排是在 Quantumscape 和 Vrata 製造之間進行的。這並不意味著我們沒有讓我們的 OEM 合作夥伴充分了解我們正在做的事情，我們完全支持我們在這裡努力實現的目標。

And As you probably have seen in our strategic blueprint. In our global ambition, it is important that we do have these kinds of partners around the world who are working closely with us. And our OEM partners actually are very encouraged that we are putting this global QS ecosystem together.

正如您可能已經在我們的策略藍圖中看到的那樣。對於我們的全球抱負而言，重要的是我們在世界各地擁有與我們密切合作的夥伴。我們的 OEM 合作夥伴實際上對我們正在建立的這個全球 QS 生態系統感到非常鼓舞。

Jed Dorsheimer, William Blair.

傑德·多斯海默、威廉·布萊爾。

Hi, you have Mark Shooter on Dorsheimer. Congrats on the progress and collaboration with Murata. As you think through other collaborations, especially for some manufacturing, would Powerco be open to manufacturing for non-VW customers? Assuming no, how are you thinking through finding other cell manufacturing supply and our customer is China sensitive?

你好，Dorsheimer 上有 Mark Shooter。恭喜與村田製作所取得的進展與合作。當您考慮其他合作，特別是一些製造業的合作時，Powerco 是否會向非大眾客戶開放製造業？假設沒有，您如何考慮尋找其他電池製造供應商，而我們的客戶對中國敏感？

Mark, we look at this, in a fairly systematic fashion. We look at all opportunities and by the way, I will not speak for for what they would or they would not do. We do look at other large OEMs, auto OEMs who do want to make cells. And we are not ruling out discussions with other cell manufacturers, equipment manufacturers, materials manufacturers, and ceramic manufacturers all across the spectrum. So this is part of what we'll be looking at for various specific applications.

馬克，我們以相當有系統的方式看待這個問題。我們尋找所有的機會，順便說一句，我不會談論他們會做什麼或不會做什麼。我們確實關注其他想要生產電池的大型原始設備製造商和汽車原始設備製造商。我們不排除與其他電池製造商、設備製造商、材料製造商和陶瓷製造商進行討論。這是我們針對各種特定應用所研究的一部分。

That's very helpful, thank you. Cut to last night and Elon Musk, he mentioned that the best anode is no anode at all, to me that sounds like he's referring to an anode designed just like Quantum Scape but it was in reference to, supply chain stress and how China dominates the graphite market. How has customer conversations developed around that and and the supply chain and tariffs since April second?

這非常有幫助，謝謝。切換到昨晚，伊隆馬斯克提到最好的陽極就是沒有陽極，對我來說，這聽起來就像他指的是像 Quantum Scape 那樣設計的陽極，但這是指供應鏈壓力以及中國如何主導石墨市場。自 4 月 2 日以來，圍繞該問題以及供應鏈和關稅的客戶對話進展如何？

Our architecture has been anode free from the time we have disclosed it outside. Anode free architecture, we have always felt is the right way to build a high performing battery. We have been very careful in making sure that the intellectual property around it is well protected in the way we build it. Not having graphite has always been a strength of ours and and the best way to have a part is not to have that at all, not to have the anode at all.

自從我們向外界披露我們的架構以來，它就不再是陽極的。我們一直認為無陽極架構是製造高性能電池的正確方法。我們在建造過程中非常小心地確保其周圍的智慧財產權得到良好的保護。沒有石墨一直是我們的優勢，而擁有它的最佳方式就是完全沒有石墨，完全沒有陽極。

Having said that, overall, you saw Kevin's answer earlier with respect to tariffs. We have marginal impact from tariffs in our current annual operating plan. And our method of developing a platform and working globally where we are not the ones moving material around is the right way for us to develop create shareholder value.

話雖如此，總的來說，您之前看到了凱文關於關稅的回答。關稅對我們目前的年度營運計劃的影響很小。我們開發平台並在全球範圍內開展工作，而不是由我們來移動材料，這是我們創造股東價值的正確方法。

We are very careful in making sure that our partners, our manufacturing and OEM partners know that the technology we are developing is not dependent on any one particular how to obtain material. For example, the separator is made of earth abundant materials. So in general we are watching the various policy changes carefully. But I think our age will continue to be in us developing new innovation and moving the frontier forward and making sure our partners are coming along with us.

我們非常謹慎地確保我們的合作夥伴、製造和 OEM 合作夥伴知道我們正在開發的技術並不依賴任何特定的材料取得方式。例如，分離器由地球上儲量豐富的材料製成。因此，總的來說，我們正在密切關注各種政策變化。但我認為，我們的時代將繼續致力於開發新的創新、推動尖端技術的發展，並確保我們的合作夥伴與我們並肩前進。

Kevin, you want to add anything to that?

凱文，你還有什麼要補充的嗎？

No, just it is a view we resoundingly agree with. The addition of the anode in a conventional cell, it adds weight and volume. It limits the power performance, specifically the ability to charge. It has expensive materials to buy. You have to transform it. And in today's Environment adds risk to the supply chain, it's one of the major sources of life loss. And it's chock full of flammable materials, eliminating it is what leads to the no compromise solution that that we're offering that is superior on all of these dimensions at the same time. So we very much agree with, the viewpoint, and that's core to our technology platform and it's a platform we are the clear world leaders in.

不，只是我們非常贊同這個觀點。在傳統電池中添加陽極會增加重量和體積。它限制了電源性能，特別是充電能力。它需要購買昂貴的材料。你必須改變它。在當今的環境中，供應鏈的風險增加，這是造成生命損失的主要原因之一。而且它充滿了易燃材料，消除它是我們提供的不妥協的解決方案，該解決方案在所有這些方面都是卓越的。因此，我們非常同意這個觀點，這是我們技術平台的核心，也是我們在這個平台上處於明顯世界領先地位的平台。

Thank you guys, if I can sneak one more in here. See, I noticed that the language is a bit broader in your strategic blueprints about applications outside of the EVs. Are you guys opening up to potential other high value applications or outside of the EVs and is anything on the horizon?

謝謝你們，如果我可以再偷偷地加一個的話。你看，我注意到你的策略藍圖中關於電動車以外的應用的語言更加廣泛一些。你們是否正在開拓其他潛在的高價值應用或電動車以外的應用，有什麼進展嗎？

As you know, our first focus is on the automotive sector. That is the highest volume sector out there. But we are producing a very high performance battery that is a no-compromise battery that is useful across all fronts. So applications such as the rapid growth in data centers, evolving aviation applications, these are all -- and consumer electronics, these are all very important. But as a company, we are focused today on automotive but keeping our eyes open on these new applications.

如您所知，我們的首要關注點是汽車領域。這是目前交易量最大的產業。但我們正在生產一種性能非常高的電池，這是一種不折不扣的電池，在各方面都有用。因此，資料中心的快速成長、不斷發展的航空應用等應用以及消費性電子產品都非常重要。但作為一家公司，我們目前專注於汽車領域，同時也密切關注這些新應用。

Thank you.

謝謝。

Joe Spak, UBS.

瑞銀的喬·斯帕克。

Thanks. Good afternoon. I wanted to circle back to Mark's question a little bit on the sort of competitive environment and really sort of better understand what's going on in your, sea level sort of discussions. Because to his point and as you sort of alluded to, there's a lot of fast moving progression going on with those two players in terms of density, fast charging, sodium ion, you name it, a lot of which have the same or similar benefits to what you can offer.

謝謝。午安.我想稍微回到馬克關於競爭環境的問題，以便更好地了解你們在海平面討論中發生的事情。因為正如他的觀點以及您所暗示的那樣，這兩家公司在密度、快速充電、鈉離子等方面都取得了很大的進步，其中許多都具有與您所提供的產品相同或相似的優勢。

So I guess what I'm trying to understand is this giving them any more pause in terms of sort of trying to sign up for a certain technology until they see how some of these other developments play out or they -- has there been any change in the tone of those conversations?

所以我想了解的是，這是否會讓他們暫停嘗試註冊某項技術，直到他們看到其他一些發展如何進行，或者他們——這些對話的基調是否有任何變化？

Yeah, so, number one, the fact that the two Chinese players are intensely competitive with each other is a good thing for the industry, and that's always good. However, if you listen to the whole thing carefully, no one is promising any new fundamental technology, nor is there a mention of a true solid state battery.

是的，首先，兩家中國企業之間的激烈競爭對整個產業來說是一件好事，而且總是好事。然而，如果你仔細聽整個過程，你會發現沒有人承諾任何新的基礎技術，也沒有提到真正的固態電池。

Both of them have explicitly stated for the long term that solid state batteries are the future. In this current case, they are taking LFP batteries and working everything around it, so that they can enhance the life, enhance the performance of an existing generation of technology, which is a very good thing to do.

兩家公司都明確表示，從長遠來看，固態電池是未來的發展方向。在當前情況下，他們正在採用 LFP 電池並圍繞它進行一切工作，以便能夠延長電池壽命並提高現有技術的性能，這是一件非常好的事情。

However, we are a different paradigm. We start at a different part in the S curve. Our job is to make sure we continue to push the frontier on the solid-state battery, which is what makes us feel all the more convicted in our beliefs that we need to be there as soon as possible in high volume because we have a solution that the industry needs to replace internal combustion engines.

然而，我們是一個不同的範式。我們從 S 曲線的不同部分開始。我們的工作是確保我們繼續推動固態電池的發展，這讓我們更加堅信我們需要盡快實現大規模生產，因為我們擁有業界取代內燃機所需的解決方案。

But maybe you could help me understand then why I guess the like the ends justify the means, like if you get the performance you need or want out of their evolving technology, then why would -- like, even if there is a solid state solution, what becomes the advantage to move to that versus if the performance and costs are similar?

但也許你可以幫助我理解為什麼我猜想結果會證明手段是正當的，比如如果你從不斷發展的技術中獲得了所需或想要的性能，那麼為什麼——比如，即使有一個固態解決方案，如果性能和成本相似，那麼轉向它有什麼優勢呢？

Yeah, if you notice when these data are announced, they don't give you all of the information about those solutions. They don't talk about the safety. They don't talk about the safety of putting a megawatt of power into a cell at any given time which contains a combustible medium. They do not talk to you when they do cycle high -- fast charging what the cycle life is. They don't tell you how large those packs have to be to get that kind of range. This is the trouble with making conclusions out of incomplete datasets.

是的，如果你注意到這些數據的公佈時間，你會發現他們並沒有提供有關這些解決方案的所有資訊。他們不談論安全問題。他們沒有談論在任何時候將一兆瓦的電力輸入含有可燃介質的電池的安全性。當它們進行高循環時，它們不會與您交談——快速充電的循環壽命是多少。他們沒有告訴你這些包包需要多大才能達到那樣的射程。這就是根據不完整的數據集得出結論的麻煩。

We can always make one of something that looks very good. What we are promising you and what we are building our company on is what I keep going back to, and no compromise on all of those and first and foremost on safety.

我們總是可以做出一件看起來非常好的東西。我一直堅守著我們向您所做的承諾以及我們公司賴以建立的基礎，在所有這些方面都不會妥協，而首先是安全。

We need to be able to make sure we give you a battery that is very safe and performs at the end of its life and cycle life as well as it did on the first cycle, even while I'm charging it very fast, even while I give you the range, and even while I'm giving you cost at scale. And I think the reason all of our customers keep coming back to us is because none of these answers that they hear is satisfactory to them.

我們需要確保我們為您提供的電池非常安全，並且在使用壽命和循環壽命結束時的性能與第一次循環時一樣好，即使我以非常快的速度充電，即使我給您續航里程，即使我給您提供規模成本。我認為所有客戶不斷回來找我們的原因是因為他們聽到的這些答案都不令他們滿意。

Fair enough. I guess another one just going back to the [eno] comment from the other night. I think the first time you sort of mentioned (inaudible) or Tesla has sort of mentioned maybe since, I think they filed a patent back in maybe 2020 or something like, do you have any understanding of what it is they are trying to accomplish, how similar or different it might be from your solution?

很公平。我想另一個只是回到前幾天晚上的 [eno] 評論。我認為您第一次提到（聽不清楚）或特斯拉可能從那時起就提到過，我想他們可能在 2020 年左右提交了專利，您是否了解他們正在嘗試實現什麼，它與您的解決方案有何相似或不同之處？

Look, we don't talk about our potential customers or existing customers. It is for them to talk. We have been talking about ourselves and what an anode-free architecture is going to be for a long time. We have not been shy about talking about it in public. So it is good to see more people coming around to our way of thinking, and I want to leave it at that.

看，我們不談論我們的潛在客戶或現有客戶。這是他們應該談論的事情。我們一直在談論我們自己以及無陽極架構將會是什麼樣子。我們並不羞於公開談論此事。因此，看到越來越多的人接受我們的想法是件好事，我想就此打住。

Okay. Last one, do you have any updated thoughts on the timing for when you might be able to provide the street with a little bit more context on some of the financial implications from the licensing model?

好的。最後一個問題，對於何時可以向街頭提供有關許可模式的一些財務影響的更多背景信息，您有什麼最新的想法嗎？

Kevin, you want to take that and the --

凱文，你想拿這個，然後--

We've given the general framework that's long term under the licensing model. You have royalty from the from the sale of product that involves our technology, and then in advance, the other part of the model would be cash flows before that would take one of the following forms or multiple of the following forms, things like pre-pays, things like reimbursement for development tailored to that product or NRE type revenue, but we haven't gone into specifics beyond that framework.

我們給出了許可模式下長期適用的總體框架。您可以從涉及我們技術的產品銷售中獲得版稅，然後提前，模型的另一部分將是之前的現金流，將採用以下一種或多種形式，例如預付款，針對該產品定制的開發的報銷或 NRE 類型的收入，但我們還沒有深入探討該框架之外的具體細節。

So to round that off, so we do expect that a licensing business model to have multiple different streams of revenue. And the ecosystem is an important part of making sure these revenue streams are well rounded. And at the appropriate time, we'll come and give you a full financial picture on this.

因此，總的來說，我們確實希望授權業務模式能夠有多種不同的收入來源。生態系統是確保這些收入來源全面的重要組成部分。在適當的時候，我們會提供您這方面的完整財務狀況。

Thank you very much.

非常感謝。

(Operator Instructions)

（操作員指示）

There are no further questions at this time, I'll turn the call to QuantumScape management for closing remarks.

目前沒有其他問題，我將把電話轉給 QuantumScape 管理階層進行結束語。

Thank you, operator. With that, I would like to thank our employees for their dedication, our partners for their trust, and our shareholders for their continued support. We look forward to updating you on further progress in the months to come. Thank you.

謝謝您，接線生。在此，我要感謝我們員工的奉獻、合作夥伴的信任、以及股東的持續支持。我們期待在未來幾個月向您通報進一步的進展。謝謝。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。